Bill Gates Says Cryptocurrencies Are Worthless
Bill Gates does not believe in the future of Bitcoin and cryptocurrencies. When asked by a user, the founder of Microsoft firmly assured that digital currencies do not have the slightest value. Well-known billionaires, such as Elon Musk and Tim Cook, have nevertheless invested in crypto assets.
In early May 2022, the cryptocurrency market suddenly collapsed. The fall of the UST, Terra’s stablecoin, caused a sudden drop in all digital currencies on the market. Bitcoin, the most valuable cryptocurrency in the world, has fallen below the $30,000 threshold. The decline also hit the non-fungible token (NFT) sector, which gradually shrank. In this bearish context, many voices are being heard to tackle the cryptocurrency ecosystem.
A few days ago, Christine Lagarde, President of the European Central Bank, assured us that cryptocurrencies did not have the slightest value. This is far from the first time the official has harshly criticized the world of digital assets. Some players in the crypto ecosystem also stood out with strong opinions. For example, the maker of Dogecoin accused 95% of crypto assets of scams.
Bill Gates refuses to buy cryptocurrencies
Reflection on Christine Lagarde, Bill Gates, the illustrious founder of Microsoft, does not believe in the potential of cryptocurrencies. Indeed, this Thursday, May 19, 2022, the billionaire gave himself some confidentiality during an AMA (Ask Me Anything) or “Ask me what you want” session on the social network Reddit. He first revealed that he is not using a Surface Duo 2, Microsoft’s foldable smartphone, but a Samsung Galaxy Z Fold 3. When asked by a user about “Bitcoin and cryptocurrencies,” Bill Gates was particularly hesitant on the matter.
“I do not have any. I like to invest in things that have value,” said Bill Gates, considering from the outset that all digital currencies are worthless. “I like to invest in things that add value. The value of companies is based on how well they make great products. The value of cryptocurrencies is exactly what another decides someone else will pay for it, so it doesn’t add anything to society like other investments,” said Bill Gates, who is against investing in cryptocurrencies.
Elon Musk and Tim Cook Disagree With Bill Gates
Bill Gates’s opinion is close to that of warren buffet, the famous American investor (8ᵉ world fortune). The billionaire regularly points the finger at the world of cryptocurrencies. “Some things have value and yield nothing tangible. You can sell a nice painting that probably has some value. But in general, assets have to give someone something to have value,” Warren Buffet recently estimated, opposing investment in Bitcoin against buying farms or apartments. “If you tell me you have all the bitcoins in the world and you offer them to me for $25, I won’t take them because what could I do with them? I should somehow resell them to you. The apartments will generate rental income and the farms will produce food,” emphasizes the investor.
It’s not the first time Bill Gates Openly Despises the Cryptocurrency Industry† In March 2021, the Microsoft founder complained that Bitcoin consumes a monstrous amount of electricity, ignoring reports showing that cryptocurrency mining relies heavily on the green, renewable energy. Not all tech billionaires agree with Bill Gates. Elon Musk, the founder of Tesla and Space X, has never hidden his interest in the world of cryptocurrencies. The richest man in the world also invested in Bitcoin, Ether, and the controversial Dogecoin. on his side, Tim Cook, Apple CEO claims to have invested in Ether and Bitcoin on a personal basis.
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